The LiDAR in construction market is anticipated to grow enormously by 2030 owing to growing demand for real-time quality & defect detection in infrastructural projects. In addition, increasing awareness among builders regarding the LiDAR technology, along with surging reliability of the product, is likely to further propel market growth through the forecast timeframe.
Major market participants have been focusing on product development and introducing efficient solutions to strengthen their business standing. For instance, in February 2022, FARO Technologies, Inc., a 3D measurement, imaging, and realization technologies specialist, launched an update to its Focus Swift Mobile Scanner. This latest update enables users to take 10–20 second colorized anchor scans, improving accuracy and detail in key areas. With the Ricoh Theta Z1 360? camera integration, users can personalize their anchor scans, improving the point cloud detail and visualization.
To cite another instance, in September 2022, Hexagon AB, an information technology company, acquired iConstruct Pty Ltd, a Building Information Modelling (BIM) software provider for commercial, infrastructure, and industrial construction industries. This acquisition helped the company achieve its smart digital reality goal by combining BIM models in the construction sector.
The LiDAR in construction market has been bifurcated into type, end-user, product, application, and region. In terms of product, the LiDAR in construction industry has been categorized into UAV, airborne, and terrestrial. The terrestrial LiDAR segment has been further divided into mobile and static.
The mobile segment is set to grow at a CAGR of approximately 10% through the study timeline. The demand for LiDAR mobile devices is primed to increase due to mounting demand for recognizing road assets and related infrastructures swiftly, correctly, and cost-efficiently.
With respect to application, the LiDAR in construction market has been divided into surveying, mapping, ecological analysis, elevation modelling, and others. The ecological analysis segment is slated grow at a CAGR of over 15% through the assessment period. Extensive use of LiDAR in various coastal surveying activities and substantial rise in stringent environmental safety regulations are some factors foreseen to bolster segmental growth.
Meanwhile, the others segment held a market share of nearly 5% in 2021 and is speculated to observe strong progress over 2022-2030. Rapid urbanization & industrialization is impelling the need for proper town planning and advancements in construction facilities, which is estimated to positively influence segmental outlook.
In the regional context, the Latin America LiDAR in construction market is speculated to garner around $80 million valuation by 2030 on account of snowballing adoption rate of LiDAR in surveying activities to monitoring environments in various end-use applications, such as forest management, pollution modeling, agriculture, wind farms, and precision forestry.